Car owners should invest in a good car insurance policy and prepare for any future accidents. The way a car policy works is that the car owner pays an annual premium to the insurance agency, and in return, the agency pays the owner the losses in the event of accidents.
Third-party car insurance means that the insurance agency will bear the expenses of the third party who may suffer from personal or property losses due to an accident caused by the car owner. In the case of comprehensive car insurance, apart from the third party, the car, as well as occupants of the car, are also insured by the agency.
Best Car Insurance Companies in India 2020
1. ICICI Lombard General Insurance Co. Ltd.
ICICI Lombard General Insurance Co Ltd is India’s largest insurance company in the private sector. According to a survey conducted by J.D. Power Asia Pacific, this company offers the best car insurance in India that leads all other car insurance providers in terms of customer satisfaction. The company is also the proud recipient of a reputed award for customer and brand loyalty. The various distinctive features that make it stand out of all the companies are:
- The insurance offers the highest claim settlement ratio.
- The insurance can be purchased online on EMI’s which is undoubtedly the most benefitting of all features.
- The policyholders can avail of the cashless facilities in 3300+ network garages across India.
- It issues the e-insurance policy almost immediately after you make the final purchase.
- Further, simple claim process, the wide range of add-on covers, and the highly valued and appreciated customer support are some of the other features that make ICICI Lombard, the best motor car insurance provider in India.
2. TATA AIG General Insurance Co. Ltd.
Founded in 2001, TATA AIG General Insurance Co Ltd is a joint venture between two giants, TATA Group and American International Group. By offering hassle-free claims and a giant network across the country, TATA AIG managed to capture the auto insurance market once the company was formed. The key features that make TATA AIG one of the best car insurance plans are:
- 12 add-on covers that offer complete protection to your vehicle# Free pick-up of the car
- Claim settlement in just seven days
- Complete guarantee on the repairs along with cashless settlement on all network garages across India.
3. Oriental Insurance Co. Ltd.
Owned by the Government of India. Oriental Insurance Co. Limited is a company that provides confidence and total satisfaction to its customers. With many popular awards, the latest addition to the awards is the ‘Best public general insurance award’ and the “Best Bank and Financial Institution Award”. Not only awards, but iAAA rating by ICRA proves that Oriental Insurance Co. Ltd has a strong financial framework. Some of the features that make it awesome include:
- Attractive add-on covers
- Quick claim settlement time
- Being a government undertaking makes it more reliable
- 1800+ active branches across India
- Strong customer support and agent network
4. The New India Assurance Co. Ltd.
Wholly owned by the Government of India, the New India Assurance Co Ltd, headquartered at Mumbai, is making its strong presence even in the international market ever since its formation. Backed up by the strong network and capital, robust infrastructure, and human resource, New India Assurance Co. is proud Ltd with the title of being a leader in providing the most innovative insurance products. Moreover, it is rated A + (Excellent) by AM Best, and this makes it the only Indian insurance company rated by an international rating agency.Various features of the insurance plans by this company includes
- The decisions on the claims are taken within three days of the application.
- Acknowledgment of grievance within three days
- The complaint is resolved within 15 days of its acknowledgment.
- The claim payment is made within three days of discharge voucher receipt
5. HDFC ERGO General Insurance Co. Ltd.
Founded in 2002, HDFC ERGO General Insurance Co. Ltd is an ISO 9001: 2008 certified insurance company with a strong distribution channel and integrated customer support. HDFC ERGO claims to offer one of the highest claim settlement rates and is also one of the best auto insurance providers in India. The company has been rated iAAA by ICRA and also won the award for Best General Insurance Company in India by IAIR in 2013. Some of the distinctive features of HDFC ERGO General Insurance Co Ltd are:
- The process of claim settlement is indeed very fast
- The company offers various discounts on the basis of age and profession.
- Cashless settlement at 1600+ network garages
- Third-Party Damage up to 7.5 Lakhs